Ninjacart raises $145 mn from Flipkart, Walmart
The valuation after fund infusion likely to be $800mn
Bengaluru: Ninjacart, a leading supply chain company for agriculture produce, has raised $145 million from Flipkart and its US-based parent Walmart Inc in a fresh round of funding.
With this round of investment, Flipkart is investing for the third time in Ninjacart. Though the valuation is not disclosed, sources in the know said Ninjacart is likely to be valued at around $750 million to $800 million post this fund infusion.
"India is at a cusp of formalising the agriculture industry, with the advent to better road connectivity, GST, seamless payments, digital infrastructure, etc. This opens up a tremendous opportunity to organize our agri ecosystem landscape like never before," Thirukumaran Nagarajan, CEO at Ninjacartsaid in a statement.
Ninjacart, operated by 63 Ideas Infolabs Pvt Ltd, was founded in 2015. It began as a hyperlocal grocery delivery company and then shifted to a business-to-business setup. Farmers can sell vegetables and fruit directly to business establishments such as shops, retailers and restaurants via the startup's platform.
"With this investment, we are further able to strengthen our grocery footprint and offering as consumers across the country throng to e-grocery for quality and affordable options in the fresh category," said Kalyan Krishnamurthy, CEO at Flipkart Group.
This investment comes at a time when Flipkart is scaling its 90-minute online grocery business — Flipkart Quick — to 200 cities by the end of 2022.
"With this investment, we are further able to strengthen our grocery footprint and offering as consumers across the country throng to e-grocery for quality and affordable options in the fresh category," Flipkart's CEO Kalyan Krishnamurthy said.
Currently, Flipkart offers groceries in 1,800 cities and towns and aims to take its offering to 2,000 more towns by mid-next year. Fresh fruits and vegetables will be an integral part of the expansion, with the company investing in technology capabilities to ensure the highest and most stringent quality checks for the end consumer.